In a medium saucepan, bring the broth and four cups of water to a simmer.
Meanwhile, heat oil in a large saucepan over medium heat. Add onion, 1- teaspoons salt, and 1/4 teaspoons pepper; cook, stirring occasionally, until onion is softened (4-5 minutes).
Add barley; cook, stirring constantly, for one minute.
Add wine and cook, stirring, until evaporated (about 1 minute).
Add 2 cups of the hot broth mixture to the onion/barley mixture and cook, stirring occasionally, until liquid is almost absorbed (10-12 minutes). Continue adding broth mixture in this manner until barley is tender and mixture is creamy (40-50 minutes). (Note: You may not have to use all the broth). Add corn, and cook just to heat through (4-5 minutes).
Stir in basil and Parmesan, and season with salt and pepper to taste. Serve immediately, with more grated Parmesan (if you like).